Amendment status not verified — confirm the current text below against the official source.
Finance Committee (1) The Finance Committee shall consist of the following members, namely,- (a) the Vice-Chancellor; (b) the Comptroller; (c) two members chosen by the Executive Council from among its members. (2) Four members of Finance Committee shall form a quorum for a meeting of the Finance Committee. (3) All the members of the Finance Committee, other than ex-officio members, shall hold office for a term of three years. (4) The Finance Committee shall meet at least twice every year to examine the accounts and to scrutinize proposals for expenditure. (a) All proposals relating to creation of posts, and those items which have not been included in the Budget, should be examined by the Finance Committee for consideration and comments and thereafter submitted to the Executive Council. (b) The annual accounts and the financial estimates of the University prepared by the Finance Officer shall be laid before the Finance Committee for consideration and comments and thereafter submitted to the Executive Council for approval. (c) The Finance Committee shall recommend limits for them, total recurring expenditure and the total non-recurring expenditure for the year, based on the income and resources of the University (which, in the case of productive works, may include the proceeds of loans). (d) The Finance Committee shall have the following powers and duties; namely,- (i) to examine the accounts of the University and its annual budget estimates and to advise the Executive Council in respect thereof; (ii) to review the financial position of the University from time to time; and 41 (iii) to make recommendations to the Executive Council on all proposals involving expenditure, for which no provision or inadequate provision has been made in the budget, or in excess of the budget provision.